The Securities and Exchange Commission has not necessarily
reviewed the information in this filing and has not determined
if it is accurate and complete.
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549 FORM 13F FORM 13F INFORMATION TABLE |
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| COLUMN 1 | COLUMN 2 | COLUMN 3 | COLUMN 4 | COLUMN 5 | COLUMN 6 | COLUMN 7 | COLUMN 8 | ||||
| VALUE | SHRS OR | SH/ | PUT/ | INVESTMENT | OTHER | VOTING AUTHORITY | |||||
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | (x$1000) | PRN AMT | PRN | CALL | DISCRETION | MANAGER | SOLE | SHARED | NONE |
| AGILYSYS INC | COM | 00847J105 | 22,771,343 | 320,092 | SH | SOLE | 63,491 | 0 | 256,601 | ||
| AGILYSYS INC | COM | 00847J105 | 6,109,148 | 85,875 | SH | OTR | 1 | 0 | 0 | 85,875 | |
| ARGAN INC | COM | 04010E109 | 47,998,332 | 88,127 | SH | SOLE | 17,496 | 0 | 70,631 | ||
| ARGAN INC | COM | 04010E109 | 12,894,589 | 23,675 | SH | OTR | 1 | 0 | 0 | 23,675 | |
| BAKER HUGHES COMPANY | CL A | 05722G100 | 53,671,497 | 879,140 | SH | SOLE | 879,140 | 0 | 0 | ||
| BGC GROUP INC | CL A | 088929104 | 26,945,553 | 2,755,169 | SH | SOLE | 547,112 | 0 | 2,208,057 | ||
| BGC GROUP INC | CL A | 088929104 | 7,224,691 | 738,721 | SH | OTR | 1 | 0 | 0 | 738,721 | |
| CLIMB GLOBAL SOLUTIONS INC | COM | 946760105 | 15,341,869 | 774,060 | SH | SOLE | 153,704 | 0 | 620,356 | ||
| CLIMB GLOBAL SOLUTIONS INC | COM | 946760105 | 4,119,864 | 207,864 | SH | OTR | 1 | 0 | 0 | 207,864 | |
| CONSOLIDATED WATER CO INC | ORD | G23773107 | 18,571,543 | 560,735 | SH | SOLE | 111,339 | 0 | 449,396 | ||
| CONSOLIDATED WATER CO INC | ORD | G23773107 | 4,979,095 | 150,335 | SH | OTR | 1 | 0 | 0 | 150,335 | |
| DAILY JOURNAL CORP | COM | 233912104 | 19,200,508 | 39,807 | SH | SOLE | 7,896 | 0 | 31,911 | ||
| DAILY JOURNAL CORP | COM | 233912104 | 5,150,909 | 10,679 | SH | OTR | 1 | 0 | 0 | 10,679 | |
| EPLUS INC | COM | 294268107 | 63,871,448 | 848,790 | SH | SOLE | 616,032 | 0 | 232,758 | ||
| EPLUS INC | COM | 294268107 | 5,859,191 | 77,863 | SH | OTR | 1 | 0 | 0 | 77,863 | |
| FIRSTSERVICE CORP NEW | COM | 33767E202 | 13,832,866 | 99,560 | SH | SOLE | 19,760 | 0 | 79,800 | ||
| FIRSTSERVICE CORP NEW | COM | 33767E202 | 3,709,003 | 26,695 | SH | OTR | 1 | 0 | 0 | 26,695 | |
| I3 VERTICALS INC | COM CL A | 46571Y107 | 20,632,735 | 922,752 | SH | SOLE | 183,206 | 0 | 739,546 | ||
| I3 VERTICALS INC | COM CL A | 46571Y107 | 5,531,730 | 247,394 | SH | OTR | 1 | 0 | 0 | 247,394 | |
| IES HOLDINGS INC | COM | 44951W106 | 48,748,146 | 102,311 | SH | SOLE | 20,290 | 0 | 82,021 | ||
| IES HOLDINGS INC | COM | 44951W106 | 13,081,960 | 27,456 | SH | OTR | 1 | 0 | 0 | 27,456 | |
| LSI INDS INC OHIO | COM | 50216C108 | 21,324,175 | 1,146,461 | SH | SOLE | 227,440 | 0 | 919,021 | ||
| LSI INDS INC OHIO | COM | 50216C108 | 5,717,677 | 307,402 | SH | OTR | 1 | 0 | 0 | 307,402 | |
| MARRIOTT INTL INC NEW | CL A | 571903202 | 39,012,910 | 119,280 | SH | SOLE | 119,280 | 0 | 0 | ||
| NAYAX LTD | SHS | M7S750159 | 27,608,392 | 493,007 | SH | SOLE | 346,444 | 0 | 146,563 | ||
| NAYAX LTD | SHS | M7S750159 | 3,167,752 | 56,567 | SH | OTR | 1 | 0 | 0 | 56,567 | |
| NB BANCORP INC | COM | 63945M107 | 21,660,171 | 1,028,010 | SH | SOLE | 204,120 | 0 | 823,890 | ||
| NB BANCORP INC | COM | 63945M107 | 5,816,795 | 276,070 | SH | OTR | 1 | 0 | 0 | 276,070 | |
| NOMAD FOODS LTD | USD ORD SHS | G6564A105 | 9,735,295 | 1,013,038 | SH | SOLE | 201,150 | 0 | 811,888 | ||
| NOMAD FOODS LTD | USD ORD SHS | G6564A105 | 2,610,220 | 271,615 | SH | OTR | 1 | 0 | 0 | 271,615 | |
| NVR INC | COM | 62944T105 | 40,000,268 | 6,070 | SH | SOLE | 6,070 | 0 | 0 | ||
| OIL DRI CORP AMER | COM | 677864100 | 17,089,900 | 262,558 | SH | SOLE | 52,136 | 0 | 210,422 | ||
| OIL DRI CORP AMER | COM | 677864100 | 4,589,626 | 70,512 | SH | OTR | 1 | 0 | 0 | 70,512 | |
| SIGA TECHNOLOGIES INC | COM | 826917106 | 10,271,919 | 1,919,985 | SH | SOLE | 379,059 | 0 | 1,540,926 | ||
| SIGA TECHNOLOGIES INC | COM | 826917106 | 2,739,409 | 512,039 | SH | OTR | 1 | 0 | 0 | 512,039 | |
| STONEX GROUP INC | COM | 861896108 | 117,804,795 | 1,460,692 | SH | SOLE | 957,224 | 0 | 503,467 | ||
| STONEX GROUP INC | COM | 861896108 | 13,573,758 | 168,305 | SH | OTR | 1 | 0 | 0 | 168,305 | |
| TRIPADVISOR INC | COM | 896945201 | 14,431,401 | 1,353,790 | SH | SOLE | 268,820 | 0 | 1,084,970 | ||
| TRIPADVISOR INC | COM | 896945201 | 3,872,032 | 363,230 | SH | OTR | 1 | 0 | 0 | 363,230 | |
| TRIUMPH FINANCIAL INC | COM | 89679E300 | 77,498,519 | 1,299,003 | SH | SOLE | 902,394 | 0 | 396,609 | ||
| TRIUMPH FINANCIAL INC | COM | 89679E300 | 7,917,717 | 132,714 | SH | OTR | 1 | 0 | 0 | 132,714 | |
| UFP TECHNOLOGIES INC | COM | 902673102 | 23,521,035 | 121,493 | SH | SOLE | 24,138 | 0 | 97,355 | ||
| UFP TECHNOLOGIES INC | COM | 902673102 | 6,306,133 | 32,573 | SH | OTR | 1 | 0 | 0 | 32,573 | |
| UL SOLUTIONS INC | CLASS A COM SHS | 903731107 | 60,195,504 | 702,316 | SH | SOLE | 702,316 | 0 | 0 | ||
| UNITEDHEALTH GROUP INC | COM | 91324P102 | 38,348,015 | 141,720 | SH | SOLE | 141,720 | 0 | 0 | ||
| VSE CORP | COM | 918284100 | 87,092,489 | 472,302 | SH | SOLE | 315,385 | 0 | 156,917 | ||
| VSE CORP | COM | 918284100 | 9,680,078 | 52,495 | SH | OTR | 1 | 0 | 0 | 52,495 | |
| WINMARK CORP | COM | 974250102 | 62,827,635 | 146,948 | SH | SOLE | 102,392 | 0 | 44,556 | ||
| WINMARK CORP | COM | 974250102 | 6,376,908 | 14,915 | SH | OTR | 1 | 0 | 0 | 14,915 | |